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2.02 economic goods
objective 2.02
| Term | Definition |
|---|---|
| Capital goods | Manufactures or constructed items that are used in the production of goods and services |
| consumer goods and services | Products produced for personal consumption |
| consumers | people who use goods and services the economic process or activity of using goods and services |
| convenience products | Consumer goods and services purchased fast |
| Demand | The quantity of a good or service that buyers are ready to buy at a given price at a particular time |
| distribution | The economic process or activity by which income is divided among resource owners and producers |
| economic goods | physical objects that are useful scarce and transferable |
| economic resources | The human and natraul resources and capital goods used to produce goods and services |
| economic services | productive acts that are useful scarce and transferable |
| economic want | a desire for something that can only be satisfied by spending money |
| economics | the study of how to meet unlimited competing wants with limited resources |
| elastic demand | A form of demand for products in which changes in price correspond to changes in demand |
| elasticity | An indication of how changes in price will affect changes in the amounts demanded and supplied |
| equilibrium | the point at which the quanity demanded |
| equipment | industrial goods used in the operation of a business but not used in the actual production |
| excess demand | the situation that exists when demand is greater then supply |
| excess supply | the situation that exists when supply is greater then demand |
| exchange | the economic process of trading one good/service for another |
| factors of production | productive resources human and natural resources and capitol goods |
| goods | Tangible objects that can be manufactured or produced for resale |
| human resources | people who work to produce goods and services |
| impulse item | any item purchased as a result of on on-the-spot decision to buy |
| industrial goods and services | products purchased by producers for resale to make other goods and services and or to use in business operations |
| inelastic demand | a form of demand in which changes in price do not affect demand |
| installations | high cost long lasting industrial goods that are used to produce other goods and services |
| law of demand | economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service |
| law of supply and demand | Economic principle which states that the supply of a good or service that people will increase when demand is great and decrease when demand is low |
| law of supply | economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price |
| market research | the systamatic gathering recording and analyzing of data about a specific issue situation or concern that affects a market |
| materials | industrial goods that become part of a finished product after they have been processed |
| noneconomic want | a desire for something that can be be satisfied without money |
| parts | industrial goods that become of a finished product without any additioal processing |
| producers | the people who make or provide goods and services |
| product | a good or service that a company sells to others |
| raw materials | items in their natural state or condition |
| scarce | limited |
| services | intangible activities that are performed by other people for money productive acts that satisfy economic wants |
| shopping products | consumer goods and services purchased after costumers compare products to get the best quality price and or price |
| specialty products | consumer goods and services with special or unique charasteritics that customers are willing to exert special efforts to obtain |
| staple item |
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